In August, the Canadian Real Estate Association reported a decline in home sales compared to the previous year amid emerging economic challenges that could impede the housing market’s growth for the rest of the year. Total home sales for the month reached 37,504, marking a 6.9% decrease from August 2025. Adjusted for seasonal variations, activity dipped by 0.7% from July 2026.
Shaun Cathcart, CREA’s senior economist, cited concerns over rising inflation and potential interest rate hikes as factors contributing to the weakened economic landscape, potentially impacting sales. The national average sale price of a home in August stood at $668,219, showing a modest 0.6% increase year-over-year.
Despite the sales decline, there was a 3.3% uptick in new listings in August compared to the previous month, breaking a three-month streak of decreases earlier in the summer.